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In his Thursday address at George Mason University laying out his vision, the president-elect cited dire conditions in the job and credit markets as reason for swift passage of a major stimulus package.
AP Photo

Crisis and opportunity, those are two of the most enduring messages threaded throughout Barack Obama’s plan to revive the nation’s ailing economy.

In his Thursday address at George Mason University laying out his vision, the president-elect cited dire conditions in the job and credit markets as reason for swift passage of a major stimulus package.

But, embedded within that package, Obama ticked off a list of priorities – from putting medical records on the Internet to developing a modern energy grid capable of delivering alternative fuels – that would have been extraordinarily difficult to pass in Washington in normal times.

“It is time to set a new course for this economy, and that change must begin now,” Obama said.

It’s an approach to a crisis that is as audacious as Obama’s presidential dreams once seemed.

But to those who’ve listened carefully to Obama and his chief advisers, it’s perhaps not a surprising one. No less than Rahm Emanuel, Obama’s incoming chief of staff, has been known to say: “Never let a crisis go to waste.”

That Obama would embrace such an aggressive strategy with his first legislative initiative suggests an administration intent on seizing its opportunities, playing for big wins, and ignoring the naysayers who argue that difficult economic times call for tempered measures.

His first long-ball, in fact, may well wind up reinforcing that approach.

Obama is almost assured of seeing passage of the stimulus bill and the down payments it contains on reforms he promised on the campaign trail.

To be sure, Capitol Hill Republicans gripe over certain provisions, conservative thinkers lambast others, and Democratic lawmakers will insist on their own revisions.

But no serious and organized opposition has emerged to the roughly $750 billion program that is expected to move through Congress in the coming weeks.

Now, none of this is meant to suggest that Obama is not reacting to a serious economic crisis. Most economists interviewed in recent days readily agree with the grim picture he painted and the need for dramatic government intervention.

The Center for American Progress, a progressive think tank, has posted a series of numbers that illustrate the extraordinary weakening in the economy.

From January to August of 2008, monthly job losses were just over or well under 100,000. In September, more than 400,000 jobs were lost; in October, it was more than 300,000; in November, the number exceeded 530,000.

Wall Street is braced for a report on Friday that will show roughly 600,000 jobs were lost in December. If that turns out to be true, says James Bianco, a Chicago analyst, it will become one of the five worst monthly job loss rates since 1939, when the statistics began being collected.

“In other words, it will be one of the worst job reports in our lifetime,” says Bianco.

With the prime lending rate at zero percent, the Federal Reserve Bank has scant tools left to prompt lending institutions to ease a credit squeeze that is bottling up business and consumer loans.

The credit freeze was the primary impetus for the Bush Administration’s $350 billion TARP program, which has alleviated some of the stress in the market by encouraging banks to lend money to each other.

But that program failed to contain the damage, which is now affecting all sectors of the economy – including consumer spending, which accounts for three-quarters of the gross domestic product. Last month, consumer confidence stood at 38 percent, a near historic low.

“Death spiral,” are the words John Dearie, of the Financial Services Forum, uses to describe today’s dynamics. “It is a crisis of faith and a crisis of confidence,” he added. “When you are trying to re-establish faith, you have to do something impressive.”

Mitch McConnell and John Boehner (Republicans) are already sounding that we have to remember the deficit. Where were they during 8 years of financial meltdown? Please, President-elect Obama, send your people in their states and use them to influence decision in Kentucky and elsewhere, where Republicans feel they can stop improvement for their own political gain. They must feel the heat of their own constinuency. AND PLEASE SAY SOMETHING ABOUT INVESTING IN ALTERNATIVE ENERGY SOURCES AS AN BIG INVESTMENT! If we invent a new fuel we will win over the world and jobs will come. Like the computer, we can be first in this with huge investments. It is not coming across that you are saying anything about that now - people want and need a new industry and new ideas to create energy. Keep up the good work!

WHERE HAS GEORGE BUSH BEEN FOR 8 YEARS????. President-Elect is doing more in the few weeks since his landslide victory, then GWB has done in his 8 years as President. All Bush has done is put America in 2 WARS, Give Tax cuts to the rich, AND lets not forget the economic Tsunami this country is in!!!. America is in a Crisis and PE Obama is talking to the America people honestly & staightforwardly. The REPUBLICAN party should hide themselves in some bottomless gopher hole for the next 10 years for allowing our country to get in the economic mess she's in and doing absolutely NOTHING but bailing out Pharmaceutical & Credit Card Corporations, and Banks, and the list goes on & on BUT whats missing from this list is the average John & Jane Doe USA!!!. Thanks for Nothing George Bush! WHERE ARE MY SHOES!!!!!.

Is that Gray hair I see, on Obama's head? Better start delegating and praying for wisdom. If you don't, you will look like Carter after 2 years. President Elect Obama, you have a monumental task at hand. Bush has all but, buried this country and parts of the Middle East...

the only oportunity Obama sees is how to massively increase the of the government by a promised 600,000 employees and spend the US into the grave. for those of us who will have to pick up the bill for the largest expansion of the federal government in history through higher taxes and higher interest rates due to the huge debt that will be piled on the the already huge debt this is a nightmare! obama will increase the of the debt to levels no one can imagine and no other president could of ever achieved. he will increase the debt by more than any other president in history.

The REPUBLICAN party should hide themselves in some bottomless gopher hole for the next 10 years for allowing our country to get in the economic mess she's in and doing absolutely NOTHING but bailing out Pharmaceutical & Credit Card Corporations, and Banks, and the list goes on & on BUT whats missing from this list is the average John & Jane Doe USA!!!.

I am sure that you were leading the charge, standing on rooftops, yelling at the top of your lungs while this country was under the line of economical full employment. While I am very upset and ticked at those Repugs that spent just like a Democrat would under normal conditions, I am sure there is nothing on the hands of those that forced banks to make loans for those who could not afford it.

Face it, we were a society that looked very much like the materialistic US of 1920s/50s. The cars could not get big enough, are TVs could not get big enough and women needed $500 purses by Burberry and Coach and our teens girls needed $120 Uggi boats. We needed homes that had bathrooms for every family member and four garages so we had enough room for all our stuff. We are all to blame for this mess, from our buying choices to the votes we cast or did not cast (Tennessee 2000). So quit aiming stones at one side, because those that are not fired upon, will do it again.

BUSH ADMINISTRATION NATIONAL DEBT----- $11 TRILLION DOLLARS! REMEMBER THAT AMERICA WHEN YOU SEE THE REPUBLICANS DOING THEIR PHOTO OPS IN FRONT OF THE CAMERAS CRITICITZING PE OBAMA FOR TRYING TO DO WHAT THE GOP & BUSH ADMINISTRATION FAILED TO DO FOR 8 YEARS!!!. WATCHING REP ERIC CANTOR ON TV TODAY, REMINDED ME OF THE GANGSTER PRETTY BOY FLOYD! CANTOR'S MACHINE GUN IS HIS MOUTH & THE BULLETS ARE HIS GRADIOSE RHETORIC! THIS IS THE SAME GUY THAT WAS IN FRONT OF THE CAMERAS WITHOUT A HAIR OUT OF PLACE, SELLING THAT $700 BILLION DOLLAR BAILOUT BILL. REMEMBER THAT AMERICA!!. WHERE ARE MY SHOES!!!!!.

You are still blinded by the halo created for your great messiah. Did you ever ask where the money is going to come from? How expensive and inefficient alternative fuels are...The country was doing great (including Bush getting us out of the recession after the Clinton years) until your wonderful congress became a Democratic majority. I hope for our countries sake you all wise up and really take a look at this inexperienced king of the world before the 2012 elections come around...accordingly, maybe you will wise up sooner and get the nutcases running congress out for good.

Obama is doing more in the first 2 weeks of being in DC then Bush has done in 8 years. At this point in time I could give a crap about what the GOP or they're sorry ass supporters have to say. Its time for the GOP and supporters to own up to your responsibility. YOUR piece of crap President has been residing over one of the worse 8 years in this countries history. The fact that Conservatives and republicans can run into any thread trying to say ANYTHING about Obama and what he's doing to clean up the our right garbage that bush has created is Pathetic. Until your party figures out how to market itself to independents and minorities get use to the spot your in now. The party of Hatred and Bigotry was rejected on Nov 4th. Its time you do some soul searching GOP.

actually Obama Guy, Do your research. Every single thing that was said in a racist or biggoted way came from the Dems!! In addition, read any of the comments and all that are IN CAPS are hate speaches from you left wing haters.

Really Karen Cause those Sarah Palin Rallies looked like Klan meetings. From calling Obama a terrorist to down right calling him the n-bomb. All that crap poured out of the GOP. I love how I get labeled a "left winger" just cause I"m a democrat. You know nothing about me Karen. I"m Fiscally conservative and a tad liberal socially. (Sorry but I don't hate gays or blacks or minorities so I have no place in the GOP party) some of the most evil and racist comments I've seen didn't come from democrats. Most came from hardcore GOP rats who can't stand the thought of a black man as President. The republicans have even admitted that they were wrong from making elections a race/social ideals race every 4 years. Stood on the Senate floor in 05 and apologized to not only the Senate but to minorities all over the country. Your party wasn't founded on playing on Peoples fears. It got hyjacked by the neo con Sarah Palin crowd who think like Borg Drones. If you don't believe what I believe your "unAmerican". I said it once and I'll say it again. Until the GOP figures out that the republican party doesn't have a "Whites Only" sign over the letters GOP. They will continue to get they're ass handed to them in election after election. In 2012 and 2016 there are going to be even more minorties in this country. The GOP is really in for a rude awaking. Bush ended your party playing the trump card "Fear".

YOUR piece of crap President has been residing over one of the worse 8 years in this countries history. The fact that Conservatives and republicans can run into any thread trying to say ANYTHING about Obama and what he's doing to clean up the our right garbage that bush has created is Pathetic

Finally a democratic president gets to deal with the fruits of a democratic congress's economic failures. They wanted to sabotage the economy to help obama win now they get to clean up the mess. Good luck with your tax increases. Hope you enjoy working weekends to pay for all the spending Obama plans on doing.

Nah.....he's just trying to show Republicans that he can be just like them.

Run up the deficit like you're a Republican!!!!!!!!!

Hillary DID chastise him during the primaries for saying that Reagan got things done - didn't she?

Hello Salmon, how about California? So broke they have to write IOU's for its taxpayers this spring for their tax refunds! LOL! Keep on spending, do I get a referrral fee for the countries pending bankrupty if they use the attorney I suggest? LOL! Its gonna be fun watching the country burn to the ground this go around..........

this man obama contributed more than any other person to this crisis. He was a big supporter of the ACORN housing scandel(just look at his cabinet and who they worked for). obama 1st reaping bailout didn't do a thing for the US taxpayer. It just reaoed unborn grand grand children. obama we don't want another one of your reaping bailouts. Go back to playing basketball, it something you can handle.p